- EOS price started a fresh decline from the $1.95 resistance against the US Dollar.
- The price is now trading below $1.55 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $1.40 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could start a fresh increase if it stays above the $1.30 and $1.26 support levels.
EOS price is declining below $1.55 against the US Dollar, similar to bitcoin. The price could start a fresh increase if it clears the $1.40 and $1.45 resistance levels.
EOS Price Analysis
This week, EOS price started a fresh decline from the $1.80 zone against the US Dollar. The price traded below the $1.70 and $1.60 levels to enter a bearish zone.
The price broke the $1.55 support zone and the 55 simple moving average (4-hours). The bears even pushed the price below the $1.40 level. A low is formed near $1.34 and the price is now consolidating losses. On the upside, an immediate resistance is near the $1.40 level.
There is also a major bearish trend line forming with resistance near $1.40 on the 4-hours chart of the EOS/USD pair. The first major resistance is near the $1.48 level. It near the 23.6% Fib retracement level of the downward move from the $1.950 swing high to $1.340 low.
The main resistance sits near the $1.50 level, above which the price could rise steadily. In the stated case, it could rise towards the $1.65 level. It is near the 50% Fib retracement level of the downward move from the $1.950 swing high to $1.340 low.
Any more gains might send the price towards the $1.80 level. On the downside, an immediate support is near the $1.35. The next key support is near the $1.30 level. If there is a downside break below the $1.30 support, the price could revisit the $1.25 support.
Looking at the chart, EOS price is now trading below the $1.55 level and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it stays above the $1.30 and $1.26 support levels.
Technical indicators
4-hours MACD – The MACD for EOS/USD is gaining pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $1.35 and $1.30.
Major Resistance Levels – $1.40 and $1.50.
